1999 News Story

Industry minister addresses chambers of commerce

Minister of Industry and Electricity Dr. Hashim Bin Abdullah Yamani, addressing a meeting of Saudi businessmen at the Council of Chambers of Commerce in Riyadh today, affirmed that the cabinet resolution to establish a share-holding national company for electricity to be known as the 'Saudi Power Company', is aimed at meeting future needs and supporting the accelerated pace of development, especially in agriculture and industry.  He highlighted the importance of the private sector, and encouraged it to increase its contribution in the area of establishing and managing electric power projects in the Kingdom. He went on to refer to the tariffs endorsed by the government, which have the aim of safeguarding citizens' comfort.  These have been divided into 11 categories, instead of 7, to ensure optimal consumption of energy, taking into consideration weather conditions in the Kingdom as well as citizens' economic circumstances.  He declared that 93 percent of private consumers would not be affected by the new tariffs, since their monthly consumption is less than 5,000 kilowatts.